., and then exercise the option when you are ready to close. 

How do you think a 2008-esque housing market would affect the Charlotte area specifically? Are you positioned to make it through to the other side?

I have not exercised that option yet.For a fridge....it's tricky since they will not be happy when their food spoils.

I would advise exercising caution when dealing with syndicators. 

You need to start from the beginning.What you are doing is  saddling a turtle, and asking people, what to do to make him run faster because you need to go from point A to B fast.Then you get answers like,  feed him turtle food, make him exercise.. etc. etc.the correct answer would be, don't saddle a turtle, saddle a rabbit.

Dieters are looking for a "magic pill" that takes the weight off while they sleep and do not have to change their eating habits or do any exercise.

However, an attorney need not be physically present at the closing (2002 Formal Ethics Opinion 9 (02 FEO 9)).The North Carolina State Bar determined that a non-attorney is engaged in unauthorized practice of law if performing various functions related to a residential real estate closing, including, among others: (1) providing an opinion as to title of real property, (2) explaining the legal status of title to real property, (3) giving advice about the parties' rights and responsibilities concerning matters disclosed by a land survey, (4) providing opinions or advice regarding the parties' legal rights and obligations, (5) advising parties with respect to alternative ways for taking title to the property, (6) drafting legal documents, (7) recommending a course of action to a party under circumstances that require the exercise of legal judgment, and (8) attempting to settle a dispute between the parties that will have implications with respect to their legal rights or obligations (APAO 2002-1).However, a nonlawyer may: (1) present and identify the documents necessary to complete a residential real estate closing, direct the parties where to sign the documents, and ensure that the parties have properly executed the documents and (2) receive and disburse the closing funds.

For example, the part of a young man's brain related to exercising good judgment doesn't even fully mature until in the early 20s.  

This gives them the flexibility to do things that normally are prohibited by the rules, but if they are forced to exercise it then you lose the tax-deferred advantage when they sell.Also, what was not mentioned by anyone above is what I call TIC 2.0..

Now, if you can handle all the administration (bank accounts, expense segregation, tax filing, etc.) that's a different story... left as an exercise for each KY REI to decide. http://www.sos.ky.gov/bus/business-filings/Pages/Fees.aspx